Kiser Group Sells a 155-Unit Multifamily Property in Andersonville

Kiser Group’s Managing Broker Lee Kiser along with Advisor Katie LeGrand and Associate Jacob Price brokered a transaction at 5700 N Ashland Ave, located in Andersonville. The apartment property, Anderson Point, sold for $53,500,000. The buyer, Lake Street Lofts LLC, purchased the property from MCZ Edgewater Development LLC in a 1031 exchange.

Anderson Point is an adaptive reuse of the Edgewater Medical Center. The seller transformed the former hospital into a luxury apartment property. According to Kiser, properties in Andersonville do not trade hands often, making this a rare opportunity.

“Apartment properties in the neighborhood are almost entirely vintage 3-story walk-up buildings with few or no amenities,” said Kiser. “Anderson Point caters to an upscale tenant who previously would not have been able to find luxury apartments with full-scale amenities in Andersonville.”

The property has a great unit mix of studio, one bedroom, two bedroom and three bedroom apartments. Amenities include indoor parking, in-unit laundry, fitness center, tenant lounges, private office/workspaces, roof deck and golf simulator.

Click here to read the full story by The Real Deal.

Click here to read the full story by RE Journals.

Click here to read the full story by CRE Connect.

Click here to read the full story by RE Business Online.

Click here to read the full story by Chicago Business Journal. 

Click here to read the full story by Multifamily Housing News.